Adelaide, Australia, 28 November 2022: Australian medical technology company LBT Innovations Limited (ASX: LBT) (LBT or the Company), a leader in medical technology automation using artificial intelligence, advises that the Company’s NonRenounceable Pro-Rata Entitlement Offer (Entitlement Offer) has closed for Eligible Shareholder participation, raising A$502,202.
Key Points:
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LBT Shareholder participation in Entitlement Offer has closed, raising A$502,202
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30 September 2022 cash balance of $2.8 million plus $1.9 million in near term receivables
LBT's Entitlement Offer has closed with valid applications received for 7,726,175 Ordinary Shares and 2,575,449 free attaching unlisted options (exercise price $0.13 and expiring two years from issue date). The valid applications received, including shortfall applications, raises A$502,202 before expenses. This completes the first phase of fund raising under the Entitlement Offer. The Company now has the option to place the Entitlement Offer Shortfall of 45,947,006 Shares (A$2,986,555) with new investors, at the same Entitlement Offer price of $0.065 pe Share together with one free attaching option for every three Shares, within three months of the Entitlement Offer close date of 22 November 2022. The Company is exploring a number of funding alternatives, including working with PAC Partners to assist with placing the Entitlement Offer Shortfall.
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